Amcor (NYSE:AMCR) Sees Unusually-High Trading Volume – Here’s What Happened

Amcor plc (NYSE:AMCR) saw unusually-high trading volume on Tuesday . Approximately 20,120,566 shares changed hands during mid-day trading, an increase of 127% from the previous session’s volume of 8,850,853 shares.The stock last traded at $9.85 and had previously closed at $10.15.

Analysts Set New Price Targets

AMCR has been the subject of several analyst reports. Citigroup upped their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. upped their price objective on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Robert W. Baird raised their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Finally, Wells Fargo & Company boosted their price target on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.94.

Amcor Stock Performance

The firm has a fifty day moving average of $10.87 and a 200-day moving average of $10.50. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $15.13 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 1.78 and a beta of 0.85.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company earned $0.16 EPS. The firm’s revenue was down 2.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.1275 per share. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.51 annualized dividend and a yield of 4.87%. Amcor’s dividend payout ratio (DPR) is presently 94.34%.

Institutional Investors Weigh In On Amcor

A number of hedge funds and other institutional investors have recently modified their holdings of AMCR. Vanguard Group Inc. boosted its stake in Amcor by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock worth $539,686,000 after buying an additional 1,170,986 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in Amcor in the first quarter valued at approximately $114,000. CreativeOne Wealth LLC purchased a new stake in Amcor in the first quarter valued at approximately $747,000. Toronto Dominion Bank increased its position in Amcor by 0.3% during the first quarter. Toronto Dominion Bank now owns 4,815,594 shares of the company’s stock worth $45,796,000 after purchasing an additional 16,774 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Amcor by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after purchasing an additional 2,086,698 shares during the period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.